Hemi’s $15 Million Raise unlocks Bitcoin’s Dormant Value for DeFi
Hemi has secured a $15 million investment to unlock the potential of Bitcoin’s $2.3 trillion market cap. The project plans to turn Bitcoin into a dynamic asset supporting a new decentralized finance (DeFi) ecosystem.
The funding, led by YZi Labs, Republic Digital, and HyperChain Capital, boosts Hemi’s total funding to $30 million. This coin will support the progress of Hemi’s Bitcoin programmability layer ahead of its token launch.
Bitcoin currently sits idle despite its massive market value. It lacks the flexibility seen on smart contract platforms like Ethereum. Hemi introduces a solution via its hemi Virtual Machine. This technology integrates a Bitcoin node within an Ethereum machine, creating a hybrid network.
- Allows Bitcoin’s security features while enabling smart contracts.
- Avoids the downsides of sidechains or wrapped assets.
Hemi co-founder Jeff Garzik, a Bitcoin core developer, explains: “Hemi equips DeFi builders with the tools needed to utilize Bitcoin without extra security risks.”
Hemi’s token, HEMI, will power the network’s security, fees, and cross-chain actions. Aiming to grow the bitcoin-based ecosystem, Hemi now has $1.2 billion in locked value and over 400,000 community members.
